Sunset clauses are a common feature in property contracts in Queensland. They are used to set a specific date by which certain conditions of the contract must be met, or the contract will be considered void.
One common use of sunset clauses specifically in Queensland property contracts is that they set a deadline for the completion of building or renovation work on a property. For example, a contract may state that the work must be completed by a certain date, or the contract will be void and the buyer will be entitled to a refund of their deposit. This type of clause helps to protect buyers from delays in construction or renovation work and ensures that the property will be ready for occupancy by the agreed-upon date.
Another use of sunset clauses in Queensland property contracts is to set a deadline for the settlement of the sale of a property. For example, a contract may state that the sale must be completed by a certain date, or the contract will be void and the buyer will be entitled to a refund of their deposit. This type of clause helps to protect buyers from delays in the settlement process and ensures that the sale will be completed by the agreed-upon date.
It is important to note that sunset clauses must be clearly stated in the contract and the date must be specific. If the clause is not clearly stated or the date is not specific, it may not be enforceable.
In addition, sunset clauses can be extended by agreement between the parties. This extension must be in writing and signed by both parties, and should be documented with the contract of sale.
Furthermore, sunset clauses are not always binding, the parties involved in the contract need to ensure they comply with the laws and regulations in Queensland. If the clause is not compliant, it may not be enforceable.
In conclusion, sunset clauses are a useful tool in property contracts as they help to protect buyers from delays and ensure that the sale or completion of building or renovation work will be completed by a specific date. It is important to ensure that these clauses are clearly stated and specific in the contract and that both parties have agreed in writing to any extension of the clause. Additionally, it is crucial to check and comply with laws and regulations in Queensland.
Contact Legalease Lawyers on 0402 121 124 to discuss your property contract.
